A portfolio manager at an investment adviser learns from a company board member (a personal friend) that the company will miss earnings expectations next quarter. The manager tells the firm's compliance officer. What should the compliance officer do first?
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A
Allow the manager to trade since the information came from a personal relationship
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B
Immediately place the company's securities on the firm's restricted list and prevent any trading
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C
Wait for the earnings announcement before taking any action
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D
Report directly to the SEC before conducting any internal review